PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477188
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477188
Foliar Fertilizer Market size was valued at USD 9,867.23 Million in 2023, expanding at a CAGR of 5.6% from 2024 to 2032.
Foliar fertilizer is a chemical or natural substance applied directly onto a plant's leaves to improve its health and increase fertility. It is typically in liquid form and is sprayed onto the foliage, where the plant can absorb it through the stomata (tiny pores) on the leaf surface. With the growing adoption of precision agriculture techniques, there's an increased focus on targeted nutrient application, which enhances the demand for foliar fertilizers due to their ability to deliver nutrients directly to the plants. However, improper application use of foliar fertilizers can lead to leaf burn or phytotoxicity, which can damage plants and reduce yields. Furthermore, the integration of foliar fertilization with other agricultural practices such as integrated pest management (IPM) or organic farming drives the foliar fertilizers market.
Foliar Fertilizer Market- Market Dynamics
Growing demand for precision agriculture techniques
The market for foliar spray is expanding due to the increasing adoption of precision farming methods. Precision farming involves using advanced technologies like GPS, sensors, and drones to manage crop development. Foliar spray plays a vital role in precision farming as it enables farmers to apply nutrients and other chemicals to crops in a targeted manner based on their requirements. Foliar fertilizers are gaining popularity in precision agriculture due to their numerous benefits and suitability for modern farming techniques.
Foliar Fertilizer Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.6% over the forecast period (2024-2032)
Based on type segmentation, the complex was predicted to show maximum market share in the year 2023
Based on application segmentation, field crops were the leading type in 2023
Based on distribution segmentation, offline was the leading type in 2023
Based on region, Europe was the leading revenue generator in 2023
The Global Foliar Fertilizer Market is segmented based on Type, Application, Distribution, Nutrient, and Region.
The market is divided into four categories based on application: Foliar fertilizers can quickly correct nutrient deficiencies in field crops, providing a rapid response when crops show signs of nutrient stress. This can be especially important during critical growth stages when nutrient deficiencies can significantly impact yield and quality.
The market is divided into two categories based on distribution: Online and offline. Offline includes agricultural supply stores that serve farmers and agricultural professionals, offering a wide range of farming inputs, including foliar fertilizers. They often carry a variety of foliar fertilizers to cater to different needs.
Foliar Fertilizer Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The European market is leading in the production and usage of foliar fertilizers. This is because a deficiency of soil micronutrients such as manganese, zinc, and iron is a common issue in many regions of Europe, which affects the quality and yield of crops. In the Asia Pacific (APAC) region, China is the dominant player in the foliar fertilizers market. Chinese farmers extensively use zinc and iron for their paddy fields to enhance their crop yields. In addition, the practice of foliar application of micronutrients is widely adopted for fruits and vegetables to improve their quality. The demand for foliar fertilizers globally is expected to rise due to the adoption of precision farming and protected agriculture as well as increased demand for soil micronutrients in agricultural yield.
The prominent players in the foliar fertilizer market include Yara International ASA, Israel Chemicals Ltd. (ICL), K+S Aktiengesellschaft, The Mosaic Company, BASF SE etc. These companies compete on factors such as product quality, price, distribution network, innovation, and brand reputation. Additionally, there might be smaller regional players or niche players catering to specific crop types. Companies invest in research and development to develop new formulations with enhanced nutrient uptake, improved crop compatibility, and environmental sustainability. Players that can introduce novel products with clear benefits often gain a competitive advantage.
In June 2023, a leading global specialty minerals company announced the North American launch of a new line of advanced foliar and fertigation solutions under their Nova brand of water-soluble fertilizers.
GLOBAL FOLIAR FERTILIZER MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Yara International ASA
Israel Chemicals Ltd. (ICL)
K+S Aktiengesellschaft
The Mosaic Company
EuroChem Group AG
Haifa Chemicals Ltd.
BASF SE
Nutrien Ltd.
Coromandel International Limited
Syngenta AG
Others